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How does a house purchase impact income tax returns?
Posted on 1/22/15 at 11:29 am
Posted on 1/22/15 at 11:29 am
My wife and I bought our first house together last February, and I was just wondering how that might impact our taxes?
What kind of write-offs are involved with a home purchase?
What kind of write-offs are involved with a home purchase?
8
Posted on 1/22/15 at 11:32 am to Tuscaloosa
I could be wrong but I don't believe there is any write off as far as the purchase (unless first-time homebuyer credits or something else is still out there), but I know for a fact that mortgage interest can be deducted. I am sure there are some other ones, but that is the only one we take advantage of.
Posted on 1/22/15 at 11:33 am to Tuscaloosa
I'm here in Florida and purchased my first home this past year as well.
Homestead exemption in FL is nice. I also know you can write off any mortgage interest expenses.
Homestead exemption in FL is nice. I also know you can write off any mortgage interest expenses.
Posted on 1/22/15 at 11:45 am to Tuscaloosa
If you itemize, you can take an itemized deduction for mortgage interest and property taxes, as well as any points paid to get the mortgage (count as additional interest expense).
If you are in LA, and your homeowners policy charged you a LA Fair Plan fee, you can take a tax credit against your Louisiana income tax owed.
If you are in LA, and your homeowners policy charged you a LA Fair Plan fee, you can take a tax credit against your Louisiana income tax owed.
Posted on 1/22/15 at 11:47 am to LSUFanHouston
quote:
property taxes
Yep, meant to include that as well.
Posted on 1/22/15 at 12:14 pm to Tuscaloosa
Just bought a house last year as well, was wondering this too.
I'm trying out turbo tax and it's only asking for property taxes paid and mortgage interest.
I'm trying out turbo tax and it's only asking for property taxes paid and mortgage interest.
Posted on 1/22/15 at 12:25 pm to Tuscaloosa
PMI deductions; Home office deduction (if you have one)
This post was edited on 1/22/15 at 12:26 pm
Posted on 1/22/15 at 12:35 pm to Tuscaloosa
Home ownership is commonly the determining factor in whether or not it is advantageous to itemize deductions. More deductions usually equates to less tax. Additionally, home ownership opens the avenue to some tax credits that are available for certain types of improvements to the property.
Posted on 1/22/15 at 1:09 pm to Tuscaloosa
You can deduct certain closing costs as well.
Posted on 1/22/15 at 5:32 pm to LSUFanHouston
quote:
If you itemize, you can take an itemized deduction for mortgage interest and property taxes, as well as any points paid to get the mortgage (count as additional interest expense).
Posted on 1/22/15 at 5:38 pm to hi2ulol
quote:
property taxes paid and mortgage interest.
If itemizing, you can also deduct state income tax.
ETA: Question, does anyone deduct a WSJ subscription?
This will be my first year to itemize and have seen it mentioned before.
This post was edited on 1/22/15 at 5:52 pm
Posted on 1/22/15 at 9:49 pm to Tuscaloosa
Don't forget to check about if your moving costs qualify.
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